Turkey Dumps US Dollar For Trade With Iran And China

Turkey is switching to national currencies in trade with Iran and
China, ending dependence on the U.S. dollar and the euro for
about 20% of its commodity turnover, local media reported on
Wednesday.

Turkey has already switched to settlements in national currencies
with Russia amid weakening confidence in the greenback as the
world's major reserve currency. The move was initiated by Turkish
President Abdullah Gul during his visit to Moscow in February.

Turkey's decision to make settlements with Iran and China in
national currencies was announced during a visit to Iran by
Turkish Prime Minister Recep Tayyip Erdogan. The Turkish premier
told a Turkish-Iranian business forum on Tuesday that the
countries had prepared a legal framework for transition to
settlements in national currencies.